Sweden’s KnCMiner earns $3 million-plus in just four days

A Stockholm-based company that sells Bitcoin mining machines has ridden the currency’s rising tide quite nicely.

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A Stockholm-based company that sells Bitcoin mining machines has ridden the currency’s rising tide quite nicely.

From 7 November to 10 November, as Bitcoin prices skyrocketed, KnCMiner sold 5,000 units of its newest mining devices for revenues in excess of $3.5 million.

This sales period coincided with a jump of about 27% in the value of Bitcoin.

To underscore just how much Bitcoin is booming right now: Some of those sold-out units cost $7,000 each.

There was even one five-minute span that saw $600,000 in sales.

The company plans to take pre-orders again soon to try to keep up with overall demand for mining rigs.

KnCMiner’s mining rigs include 28nm ASIC mining chips. The top of the line mode, Jupiter, has a hashrate of 550 GH/s while consuming about 1 watt of electricity per GH/s.

The Saturn device, also sold out, features the same ASIC chip and works at more than 275 GH/s.

The ASIC chips are designed specifically to calculate the Bitcoin algorithm (SHA-256), and that is the only task the computer is capable of performing. Thus, all resources are diverted toward calculation.

Co-founder Andreas Kennemar has said that one Jupiter’s average daily output comes to about 0.6 Bitcoins.

Compared with the world’s fastest supercomputer, in China, one KnCMiner Jupiter mining rig has about 1/40th of the computational capacity to calculate the Bitcoin algorithm, Kennemar said.

The company was created as a joint venture between ASIC chip maker ORSoC AB and Kennemar & Cole AB.

In seven months of operation — the company was founded in April 2013 — sales have approached $29 million, and units have been shipped to 120 countries.